First Quantum Minerals: A Mine That Could Change The Valuation

First Quantum Minerals (FQVLF) is positioned for upside if Cobre Panamá restarts, with government support signaling potential resolution by June 2026. Reprocessing 38M tons of stockpile could yield $270M–$310M incremental EBITDA, reversing a $190M cash burn and boosting 2025 EBITDA by 27%. Zambia operations, especially the S3 expansion at Kansanshi Mine, provide additional growth catalysts with 84,000 tons of new copper capacity expected in 2026.